- He and Stefán Karl Stefánsson met each other at a party and got along instantly.
- In his 20's, he made a bet with a woodworking friend named Fjolnir Porgeirsson that each could master a sport of the other's choosing he knew nothing about in three years. Magnus choose snooker for Fjolnir and Fjolnir choose aerobics for Magnus. Just as Magnus became a champion in aerobics, Fjolnir became a champion in snooker.
- In 2017, he got engaged to Icelandic businesswoman and television producer Hrefna Björk Sverrisdóttir.
- He has a daughter with his former partner Halldóra Blöndall.
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